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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (31227)6/19/2008 3:14:30 PM
From: Jurgis Bekepuris  Read Replies (1) of 78661
 
Paul,

I agree with you. IMHO, most of large oils seem cheaper mostly because of the large refining segment that is not really contributing much to profits so far + lousy replacement rates. On the other hand, most of the smaller E&P companies seem to be either fully valued or speculative or both. That's why I am somewhat careful about putting new money in energy sector. I don't think we are in energy bubble, but I do think that valuations are not fantastically attractive. It might be true that refining for (super)majors will improve. It might be true that (most) speculative small plays will become viable companies. But the risk right now is IMHO higher than what we had even at the beginning of this year. For most companies at least.

That said, I will probably buy some things in energy space still. After looking more today, OXY, SSL and E remain on my possible buy list of larger companies.
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